No hurry for Crown Casino venture: Yapa

Wednesday, 4 December 2013 00:00 - - {{hitsCtrl.values.hits}}

The Government yesterday hinted that there was no real rush for the mega integrated resort promoted by Australian gaming mogul James Packer. The Government said in October that Packer’s plans would be resubmitted to Parliament by 21 November with altered terms to address the various objections, but Investment and Promotion Minister Lakshman Yapa Abeywardena said on Tuesday the deal “might not” be approved by the end of the year. “I haven’t prepared the Cabinet paper yet,” Abeywardena told reporters in Colombo, according to a story filed by Reuters. “These days you can’t do it because we are busy with the Budget. There is no hurry. These are long-term projects and we are aiming to start by 2015-2016. You have time.” Crown has confirmed that it was in detailed discussions with the Sri Lankan Government and potential joint venture partners regarding the development of a 5-star integrated resort. The resort-casino complex is planned for a two-acre plot in the heart of the Colombo commercial hub. It has already been delayed once after the Government asked Lake Leisure Holdings, the joint venture between Crown Ltd. and its local partner, Rank Entertainment Holdings Ltd., to change its construction plans. Officials with the local partner downplayed the latest delay. “Possibly it will go through once Parliament starts in the first week of January, so one month does not make any difference,” Ravi Wijeratne, the owner of Rank Holdings, told Reuters. Officials with Crown were unavailable for immediate comment. Packer’s earlier deal had already been approved by the Cabinet, but Abeywardena said the deal must be approved again by the Cabinet after certain tax changes were made before being approved by Parliament. Packer, one of Australia’s richest men, has been in talks since February with the Government over the integrated resort investment options as he expands his global gambling business that includes casinos in Australia, Macau, Britain and the United States.

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